Investment Philosophy

We seek to craft investment opportunities where the Firm’s distinctive skills can produce sustainable value for our portfolio companies and investors.

Our investments take a variety of forms. We acquire non-core corporate divisions and family enterprises transitioning to new ownership, as well as businesses from other private and public owners. Often, we craft partnerships with sellers who retain significant ongoing ownership and share in future value creation alongside CD&R.

The industries we target for investment are consumer/retail, healthcare, industrials, and services. Our companies range in size from regional sector champions to global industry leaders and typically share several key attributes:

Leading sustainable market positions in industries poised for long-term growth;

We concentrate our investment resources on market-leaders with the potential to enhance or accelerate operating performance"

Transaction Profiles

CD&R tailors its investments to meet the needs of founders, family owners, management teams and significant shareholders seeking a partner who can provide strategic and operational support, as well as capital for long-term growth.

Transaction Features

Headquarters

Current

Name

agilon health partners with physicians to provide high-quality, value-based healthcare. Formed in July 2016, the Company operates in major markets across the United States, including: Austin, TX; Columbus, OH; Fresno, CA; Hawaii, and Southern California, managing care for more than 750,000 patients through a network of more than 9,000 physicians. CD&R Operating Advisor Ron Williams serves as Chairman of agilon.

As the leader in meaningful connections, American Greetings is committed to making the world a more thoughtful and caring place. Founded in 1906, the creator and manufacturer of innovative social expression products offers paper cards, digital greetings, gift wrap, party goods, and more to help consumers honor the people and moments in life that really matter. The Company's major greeting card brands are American Greetings, Papyrus, Recycled Paper Greetings, and Carlton Cards. AmericanGreetings.com lets consumers shop and buy paper cards, ecards, printables, party supplies and gift wrap — along with providing useful content that educates and inspires visitors to connect more meaningfully. The 112 year-old Company is headquartered in Cleveland, Ohio, and its products can be found in retail outlets worldwide.

During CD&R’s ownership, AssuraMed was a leading mail-order, direct-to-consumer provider of disposable medical products to chronic disease patients. AssuraMed operated through its Edgepark Medical Supplies and Independence Medical divisions, offering its large and fragmented customer base more than 30,000 products addressing a diverse set of chronic disease market segments including ostomy, diabetes, urological, enteral, incontinence, and wound care. CD&R sold AssuraMed to Cardinal Health in 2013. Over the course of CD&R’s ownership, EBITDA increased by approximately 88%.

With manufacturing and distribution facilities on five continents, Atkore is a global leader in the manufacture of galvanized steel tubing, sprinkler pipe, steel and flexible non-metallic conduit, pre-wired armored and metal clad electrical cables, cable tray, strut, and metal framing systems. After taking the Company public in 2016, CD&R fully exited its investment by early 2018. Over the course of CD&R’s ownership, EBITDA increased by approximately 95%.

During CD&R’s ownership, B&M became one of the UK’s leading discount retailers with stores situated in the north of England, Scotland, Northern Ireland, and Wales. Since CD&R’s investment in 2005, the business grew rapidly to more than 300 stores, with sales in excess of £1 billion and employing over 13,000 people. Its stores attracted approximately three million customers per week with a value offer of food and non-food products. After taking the Company public in 2014, CD&R fully exited its investment by early 2018. Over the course of CD&R’s ownership, EBITDA increased by approximately 150%.

During CD&R’s ownership, BCA was the leading vehicle auctions and remarketing company in the UK and mainland Europe. With 43 remarketing centers across 12 countries, BCA annually sold over £4 billion of used vehicles, ranging from nearly-new and ex-lease stock to budget and older product. CD&R sold BCA to Haversham Holdings in 2015. Over the course of CD&R’s ownership, EBITDA increased by approximately 76%.

Founded in 1928, Beacon Roofing Supply, Inc. is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 589 branches throughout all 50 states in the U.S. and 6 provinces in Canada.

Belron is the worldwide leader in vehicle glass repair and replacement, trading under more than ten10 major brands including Carglass®, Safelite® AutoGlass, and Autoglass®. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers.

Brand Industrial Services, Inc. is a leading provider of specialized services to the global energy, industrial, and infrastructure markets. Its range of service offerings include work access, corrosion management, atmospheric and immersion coatings, insulation services, fireproofing and refractory, mechanical services, forming and shoring, and other complementary specialty services. Brand delivers its services through a network of more than 370 branches on six continents, with focus on the major hydrocarbon and power generation markets globally. CD&R Operating Partner John Krenicki serves as Chairman of the Company.

BUT is one of the leading home equipment retailers in France, operating through a network of more than 300 stores. The Company offers a comprehensive selection of furniture, appliances, and decorative products, all complemented by attractive financing and extended warranty services. CD&R Senior Operating Advisor Sir Terry Leahy serves as Chairman of the Company.

Capco is a global business and technology consultancy dedicated to the financial services industry with offices in leading financial centers across North America, Europe, and Asia Pacific. Capco specializes in banking, capital markets, wealth and investment management, and finance, risk and compliance. The Company also has an energy practice. CD&R Operating Partner Russ Fradin serves as Chairman of the Company.

During CD&R’s ownership, CHC was one of only two global commercial operators of heavy and medium helicopters used in the offshore oil and gas industry. It specializes in transportation to offshore oil and gas platforms, civilian search and rescue, air medical evacuation services, as well as helicopter maintenance repair and overhaul. The Company operates more than 230 aircrafts in 30 countries.

Core & Main is the nation’s largest distributor of water, sewer, storm, fusible piping, and fire protection infrastructure products that serves the needs of both contractors and municipalities in all aspects of the water, wastewater, clean water, landfill, energy, and fire protection industries. The Company operates more than 240 branches serving the United States, the Caribbean, and international markets. CD&R Operating Partner Jim Berges serves as Chairman of the Company.

Created through the merger of NCI Building Systems and Ply Gem Building Products, Cornerstone Building Brands provides a broad range of exterior building products to residential and commercial customers for both new construction and repair & remodel. Cornerstone’s product portfolio includes windows, doors, siding, metal wall and roof systems, engineered commercial buildings, insulated metal panels, stone, and other adjacent products. Based in Cary, NC, the company has more than 20,000 employees across 80 manufacturing, distribution, and office locations throughout North America.

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. Founded through the merger of two industry leaders, Vets First Choice and Henry Schein Animal Health, the company brings together products, services, and technology into a single platform that connects customers to the solutions and insights they need to work best. Covetrus is headquartered in Portland, Maine, with more than 5,000 employees serving over 100,000 customers around the globe.

David’s Bridal, Inc. is a specialty retailer of bridal gown and wedding-related apparel and accessories in the United States. The Company operates more than 300 David’s Bridal stores located across the U.S., Canada, and Puerto Rico and designs, produces, and sells a broad assortment of designer wedding gowns, special occasion dresses, and accessories. CD&R Operating Partner Paul Pressler serves as Chairman of the Company.

Diversey is a leading global provider of commercial cleaning, sanitation, and hygiene solutions. At the time of CD&R’s exit, the Company generated annual sales of more than $3.0 billion from operations in more than 175 countries. Diversey serves commercial customers in the building, retail, healthcare, and food and beverage sectors, as well as large, public sector clients. In 2011, CD&R sold Diversey to Sealed Air Corporation.

Under CD&R ownership, Envision Healthcare (formerly Emergency Medical Services Corporation) offered an array of healthcare-related services to consumers, hospitals, healthcare systems, health plans, and local, state, and national government entities. Envision operated American Medical Response, Inc. (AMR), the U.S.’s leading ambulance service provider, EmCare Holdings Inc. (EmCare), the nation’s leading provider of outsourced emergency department and facility-based physician services, and Evolution Health, providing comprehensive care to patients across various settings, many of whom suffer from advanced illnesses and chronic diseases. In 2012, Envision Healthcare provided care to more than 15,000,000 patients in more than 2,200 communities. After taking the Company public in 2013, CD&R fully exited its investment by 2015. Over the course of CD&R’s ownership, EBITDA increased by approximately 66%.

High Ridge Brands Co. provides consumers with high quality personal care products at great value. Today, High Ridge has a portfolio of nine trusted brands, serving primarily North American personal cleaning and hair care markets, including Zest®, White Rain®, VO5®, Coast®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix®, and Thicker Fuller Hair®. The Company operates an asset-light model, outsourcing all its manufacturing needs, and has approximately 50 employees. CD&R Operating Partner John Compton serves as Chairman of the Company.

The Kalle Group, based in Wiesbaden, Germany, is one of the world's leading suppliers of industrially produced casings for meat, poultry, and other protein products. In addition to its innovative range of value-added casings, it creates a steady stream of new and customized solutions that enable new types of products. Today, Kalle uses its technological and innovative edge to accelerate the pace of development - both in existing markets and in many emerging markets in Latin America, Eastern Europe, and Asia. CD&R Operating Partner Vindi Banga serves as Chairman of the Company.

Founded in 1896, Mauser Group is a leading worldwide producer of industrial packaging influencing the international packaging market through innovative technologies. The company’s customers are spread across the chemical, agrochemical, petrochemical, and pharmaceutical sectors, as well as in the food and beverage industries. Mauser’s product portfolio includes plastic packaging, fiber drums, steel drums, Intermediate Bulk Containers ("IBC"), and reconditioning services. In 2017, CD&R sold Mauser to Stone Canyon Industries LLC after increasing EBITDA by approximately 47%.

Upon the completion of its 2018 acquisition of MRH, Motor Fuel Group is the largest independent petrol station and convenience retail operator in the UK, based on number of sites. MFG offers premium fuel brands coupled with an attractive, competitive, and expanding forecourt offering for cost-conscious consumers. With the completion of the MRH acquisition, the combined company will operate over 900 stations, the vast majority of which operate under the BP, Shell, Texaco, and JET fuel brands. CD&R Senior Operating Advisor Sir Terry Leahy serves as Chairman of the Executive Committee of the Board.

naviHealth is a leading manager of post-acute care services in the U.S. The company partners with health plans, health systems and care providers to manage post-acute care as patients transfer from hospitals to other facilities or return home. Utilizing evidence-based protocols and technology-enabled services to help optimize and monitor care plans, the company delivers both improved patient outcomes and material savings for its health plan and system partners, two critical constituent groups supporting healthcare’s accelerating transition to value-based reimbursement. CD&R funds’ Operating Advisor Ron Williams serves as Chairman of the company.

At the time of CD&R’s exit, PharMEDium was the national leader in hospital pharmacy-outsourced, sterile compounding services. PharMEDium served more than 2,600 acute-care hospitals, including integrated delivery systems, academic medical centers, hospital groups, and standalone urban, suburban, and rural hospitals. PharMEDium’s outsourced, sterile compounding services are used by hospitals primarily to facilitate ready-to-use intravenous drug delivery to patients. Using only FDA-approved drugs, diluents, and containers, the Company creates compounded sterile preparations (“CSPs”), which are not otherwise commercially available in the marketplace. PharMEDium provides CSPs in ready-to-use presentation with enhanced safety, labeling, sterility, and shelf life, typically exceeding what hospital pharmacies can produce themselves. In 2015, CD&R sold PharMEDium to AmerisourceBergen after increasing EBITDA by approximately 53%.

PowerTeam Services provides outsourced services for natural gas and electric transmission and distribution infrastructure throughout its geographic footprint, which spans 21 states. The company’s customers include regulated utilities located in the southeastern and midwestern sections of the United States. PowerTeam is headquartered in Cary, North Carolina, with approximately 4,200 employees and main operating offices in Alabama, Georgia, Indiana, North Carolina, Texas, and Wisconsin. CD&R Operating Partner John Krenicki serves as chairman of the company, and CD&R funds’ Operating Advisor Lew Hay serves on the board of directors.

Under CD&R ownership, Roofing Supply Group was one of the largest wholesale distributors of roofing supplies and related materials in the United States. Through its network of 61 locations in 24 states nationwide, RSG provided one-step distribution services from roofing product manufacturers to roofing contractors and homebuilders. In 2015, CD&R sold RSG to Beacon Roofing Supply.

With over $1 billion in annual revenue under CD&R’s ownership, SiteOne Landscape Supply (formerly John Deere Landscapes) was the largest North American distributor of landscaping products sold primarily to professional landscape contractors for use in residential and commercial settings. Operating over 460 locations in the U.S. and Canada with approximately 2,500 employees, SiteOne distributes wholesale irrigation, landscape lighting, nursery, and turf and maintenance supplies. After taking the Company public in 2016, CD&R fully exited its investment by 2017. Over the course of CD&R’s ownership, EBITDA increased by approximately 118%.

SmileDirectClub helps people straighten their teeth and improve their smiles without the hassle of visiting an orthodontist’s office. The company’s cutting-edge, direct-to-consumer platforms and technology provide doctor-directed, at-home aligner therapy. With a digital network of more than 200 affiliated licensed dentists and orthodontists overseeing customer treatment plans, from impressions made with an at-home kit or from a digital scan at one of the 150 SmileShops across the United States, SmileDirectClub has made orthodontic solutions more affordable and convenient than ever before.

Solenis is a leading global manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power, and municipal markets. The company's product portfolio includes a broad array of process, functional, and water treatment chemistries as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, and minimize environmental impact. The company operates 30 manufacturing facilities strategically located around the globe and employs a team of 3,500 professionals in 118 countries across five continents. CD&R Operating Advisor David Scheible serves as Chairman of the Company.

Under CD&R ownership, European-based SPIE was a leading multi-technical services provider, specializing in electrical, mechanical, and HVAC contracting services, as well as oil & gas, nuclear, and communications network services. With nearly 500 locations in 31 countries, SPIE provided services and performance technical solutions to local and international customers. After taking the company public in 2015, CD&R fully exited its investment in 2017. Over the course of CD&R’s ownership, EBITA increased by approximately 58%.

SunSource is a value-added distributor of fluid power and motion control technologies in North America. As a technically-focused distributor, SunSource serves as an extension of its customers’ design and engineering teams and its suppliers’ sales forces, delivering innovative solutions that lower total costs and streamline supply chains. The company operates through four highly focused strategic business units that provide tailored solutions for the unique needs of its Industrial, Mobile, Service & Repair, and Process Solutions customers. CD&R Operating Advisor William VanArsdale serves as Lead Director of the Board.

TRANZACT is a market leader in providing end-to-end customer acquisition solutions to the insurance sector. TRANZACT leverages and integrates sophisticated digital, data, and direct marketing solutions to deliver qualified leads, fully-provisioned sales, and robust customer management systems to brands seeking to acquire and manage large numbers of customers. TRANZACT has approximately 1,100 employees, of which more than 700 are licensed insurance agents across the health, life, auto, and home insurance segments. TRANZACT owns and operates several consumer-facing websites. CD&R Operating Partner Russ Fradin serves as Chairman of the Company.

TruGreen is the nation’s largest lawn care company, serving approximately 2 million residential and commercial customers across the United States with lawn, tree, and shrub care. As the industry leader, TruGreen continues to pioneer the development of new technology for lawn care and devotes substantial resources to evaluate new products and equipment. The company is committed to responsible lawn care, including offering and promoting the use of natural services and sustainable practices. Today, there are approximately 250 TruGreen branches in the United States and Canada, including about 50 franchise locations. CD&R Operating Partner John Compton serves as Chairman of the Company.

Univar is one of the world’s leading distributors of industrial and specialty chemicals. Univar represents over 3,500 chemical producers and provides a full portfolio of products to its customer base, made up of more than 115,000 customers in 115 countries. Univar operates a network of more than 260 facilities in North America, Europe, Asia-Pacific, and Latin America, and additional sales offices in Eastern Europe, the Middle East, and Africa.

Westbury Street Holdings is the UK’s leading independent food and hospitality services provider. The company operates a chef-led model promoting high quality fresh food and locally sourced ingredients. WSH serves customers in the Business & Industry, Education, and Concession & Hospitality catering segments through its portfolio of brands, which include BaxterStorey, Benugo, Caterlink, Holroyd Howe, Portico, and Searcys.

Wilsonart manufactures and distributes high pressure laminates and other fine surfacing materials and components used in furniture, office and retail space, countertops, worktops, and other applications. The company operates under the Wilsonart, Resopal, Polyrey, and Arborite brands, selling primarily through a network of company-owned and exclusive, independent distributors in North America and non-exclusive, independent distributors internationally. CD&R’s John Krenicki serves as Chairman of Wilsonart.